ELMRI Sustainability Tournament

The world is about to spend six weeks watching one tournament. We are running a different one alongside it. Forty-eight nations, judged on sustainability, biodiversity, and real-world impact, scored with a bias-corrected framework that asks who is actually contributing to the global system and who is constrained within it. The headline result is the campaign's central piece of news: the host nation is in our relegation zone. Norway makes our top tier with an asterisk you can drive a hydrocarbon tanker through. Cape Verde is the genuine sleeper. Welcome to the ELMRI Sustainability Tournament. You are not the audience. You are the pundit.

The kick off is in a few days. Forty-eight nations, three host countries, one trophy.

Today we are launching a parallel tournament. Same forty-eight teams, scored on sustainability rather than football. The framework adjusts for the things conventional rankings ignore: historical emissions responsibility, colonial legacy, consumption-based footprints, climate finance gaps, and the Bekessy Scope A/B/C model for biodiversity. The results look nothing like the SDG Index, and that is the point. Bias-corrected, biodiversity-weighted, and the United States is in the relegation zone.

A few teasers to draw you in:

• Our number one is not in Europe.

• The host nation is in our relegation zone. The Inflation Reduction Act has been substantively gutted by the One Big Beautiful Bill Act, and the framework no longer has a trajectory positive to soften the headline numbers.

• Qatar is dead last at "Causing Systemic Harm."

• Cape Verde is the genuine sleeper. 💤

• Brazil produced the campaign's biggest comeback.
  

🚨 VAR DECISION: United States 🚨

• Conventional ESG narrative: Inflation Reduction Act, world's second-largest renewables build-out, Paris Agreement leader.

• VAR finds: the OBBBA of July 2025 has repealed or substantively diluted the IRA provisions. EV credits ended September 30. Residential solar credits ended December 31. Paris withdrawal formalised again. The Sabin Center has tracked more than 50 separate rollback actions.

• Verdict: relegation zone. The single biggest negative trajectory change in our field this cycle.

Before the football starts, give us three names:

🏆 Your champion (who you think lifts the ELMRI Sustainability Tournament trophy overall)
💤 Your sleeper (the country you think the market underestimates)
🚩 Your most overrated (the country traditional ESG rankings flatter)

Disclaimer:

This note has been prepared by ELM Responsible Investments (‘ELMRI’) ABN 70 607 177 711 AFSL 520428, for Australian wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth).

The information is not intended for general distribution or publication and must be retained in a confidential manner. Information contained herein consists of confidential proprietary information constituting the sole property of ELMRI and its investment activities; its use is restricted accordingly.

This note is for general informational purposes only and does not purport to be comprehensive or to give advice. The views expressed are the views of the writer at the time of preparation and presenting and all forecasts, assumptions, opinions, data and other information are not warranted as to accuracy or completeness and are subject to change without notice. This is not an offer document and does not constitute an offer or invitation of investment recommendation to distribute or purchase securities, shares, units or other interests to enter into an investment agreement. No person should rely on the content and/or act on the basis of any material contained in this note. Any potential investor should consider their own circumstances and seek professional advice.

ELMRI funds, its directors, employees, representatives and associates may have an interest in the named securities.

Past performance is for illustrative purposes only and is not indicative of future performance.

THIS DOCUMENT IS SATIRE.

• It is written in the spirit of fun, sport, and creative commentary.

• It should not be taken literally, relied upon for investment decisions, or used as financial advice.

• The rankings, characterisations, taglines, and conclusions are intentionally stylised, interpretive, and written in a playful editorial voice.

• While parts of the document draw on real-world policy and company developments, it is not a formal research note, not a due diligence document, and not suitable for portfolio construction, security selection, or capital allocation decisions.

• Any resemblance to an investable framework should be treated as playful rather than actionable.

• Read it like a football fanzine with spreadsheets, not like an investment committee paper.

The ELMRI Sustainability Tournament is an independent publication produced by ELM Responsible Investments (ELMRI) for educational, analytical, and satirical purposes. ELMRI is not affiliated with, licensed by, endorsed by, or in any way officially connected to FIFA, the Fédération Internationale de Football Association, the 2026 FIFA World Cup™, or any of its official sponsors, broadcasters, host associations, or commercial partners. The tournament name, scoring methodology, and S-Impact framework are original constructs developed entirely by ELMRI. References to participating nations reflect publicly available sustainability, policy, and environmental data and do not imply any relationship with national football associations or FIFA. No official FIFA trademarks, logos, emblems, or protected tournament imagery have been used in this publication. General information only. Not financial advice. ELM Responsible Investments holds an Australian Financial Services Licence (AFSL 520428).